Non-divisible token = entry ticket. Anti-scalping: token bound to buyer’s public key via optional holder field.

An SFD token is a data structure ( T = (D, V, S, \sigma) ) where:

The fills this gap by issuing cryptographically signed, context‑bound tokens that:

| Operation | Time (ms) | Throughput (tokens/sec) | |-----------|-----------|--------------------------| | Generate 1 token | 0.24 | 4,166 | | Generate batch of 1000 | 186 | 5,376 | | Verify token (local) | 0.18 | 5,555 | | Verify + state check | 0.31 | 3,225 | | Blind sign (Chaum) | 1.2 | 833 |